Build Credit History By Paying Your Rent On Time
Credit plays an important role in your life — affecting the purchases you make and much more. A credit history is vital in today’s economy and enables you to obtain valuable credit services such as credit cards, mortgages and auto loans. Lenders use credit reports and credit scores to gauge the likelihood that you will pay back a loan. We understand the importance of building credit history and believe that responsible renters should get credit for managing their rental payments.
How Paying Rent On Time Helps Build Your Credit History
Experian incorporates on-time rental payment data reported to Experian RentBureau into Experian credit reports. Your rental payment information will be included as part of your standard credit report and may be incorporated into certain credit scores. The inclusion of positive rental payment history within Experian credit reports allows you to establish or build credit history through timely rental payments.
“In the long run, having a two-year excellent credit line for my rental payments will add value by helping me to potentially receive lower interest rates on a mortgage and car and consumer loans. I may
even get a better rate on insurance premiums.”
Experian RentBureau receives updated rental payment data every 24 hours from property management companies and electronic rent payment services nationwide. This data is accessed by resident screening companies for use during the application process for prospective residents. Continuous on-time rental payment data also may be incorporated within Experian credit reports, which are used by various types of credit-granting institutions, including banks, auto finance companies and telecommunications providers.
How To Make Sure Your Rent Is Reported
ASK. If you currently rent or are considering renting, ask your property management company if it reports rental payment data to Experian RentBureau.
ENROLL. If you rent from an individual landlord or property management company that does not report data, sign up through a rent payment service working with Experian RentBureau. These services allow for the payment and collection of your rent electronically. And as an added benefit, you have the ability to opt-in to reporting your rental payment history to Experian RentBureau.
To learn more about these services, visit the rental payment service providers working with Experian RentBureau:Source: www.experian.com